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本帖最后由 orchidji 于 19-4-2018 10:11 编辑
Yanlord-Hongkong Land JV wins Tulip Garden en bloc sale with $907 mil bid
By:
Stanislaus Jude Chan
12/04/18, 06:32 pm
SINGAPORE (Apr 12): Asia Radiant, a joint venture entity between Yanlord Land Group and Hongkong Land Holdings’ MCL Land, has won the tender for the en bloc sale of Tulip Garden with a bid of $906.9 million.
The winning bid is approximately 20% above Tulip Garden’s reserve price of $753 million when it was put up for sale by tender in late February.
This was the fourth collective sale attempt by the owners of the 33-year-old property.
Located along Farrer Road and a stone’s throw from Holland Village, the property sits on a freehold land plot of around 316,708 sq ft.
With a Masterplan plot ratio of 1.6, the site could potentially yield up to 670 prime residential units.
Yanlord Land says the acquisition and development of the project will be financed via internal resources and bank borrowings.
“The successful acquisition of this prime site marks our inaugural venture into the Singapore property market,” says Zhong Sheng Jian, Yanlord’s chairman and chief executive officer.
“As a key global financial centre, Singapore’s residential market presents a good value proposition for developers seeking to develop additional growth opportunities,” he adds. “We hope to develop this land parcel into a new landmark development.”
According to Anthony Chia, president of Yanlord Commercial Property Investments, the new development is targeted for completion by 2023.
“Future residents of this project will benefit from key URA initiatives to expand the Holland Village enclave through projects such as the Holland Village Extension,” he says.
Shares of Yanlord Land closed 2 cents higher at $1.75 on Thursday, while shares of Hongkong Land closed 4 US cents down at US$7.12. |
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